Ms. Bonita To reports

FIRST QUANTUM MINERALS ANNOUNCES PRICING AND UPSIZING OF $1.3 BILLION SENIOR NOTES OFFERING

First Quantum Minerals Ltd. has successfully completed the pricing of its offering of $1,300-million aggregate principal amount of 8.625 per cent senior notes due 2031. The original offering amount of the notes of $1,000-million has been increased to $1,300-million. The issue price of the notes is 100.000 per cent (in U.S. dollars, except where noted otherwise).

Interest on the notes will accrue from the issue date at a rate of 8.625 per cent per annum and will be payable semi-annually. Settlement is expected to take place on or about May 30, 2023, subject to customary conditions precedent for similar transactions. The notes will be senior unsecured obligations of the company and will be guaranteed by certain of the company's subsidiaries.

The company intends to apply the gross proceeds from the sale of the notes toward: (i) the repayment of $970-million aggregate principal amount under the company's existing revolving credit facility; (ii) the redemption of $300-million aggregate principal amount of the company's outstanding senior notes due 2025; and (iii) a portion of the fees and expenses associated with the offering.

We seek Safe Harbor.